MSHDA ANNOUNCES LOAN FOR AFFORDABLE HOUSING IN DETROITContact: Office of Communications 517-373-0011Agency: State Housing Development Authority
FOR IMMEDIATE RELEASE
July 3, 2003
MSHDA ANNOUNCES LOAN FOR
AFFORDABLE HOUSING IN DETROIT
The Michigan State Housing Development Authority (MSHDA) today
announced that a 120-unit family rental development for low to moderate-income
families will be built in Detroit with the help of a mortgage loan of up to
"MSHDA remains committed to helping residents throughout Michigan achieve affordable rental housing," MSHDA executive director James L. Logue III said. "This development is an example of how the Authority is working to increase the supply of affordable rental housing with rent levels within reach of lower income families."
Brainard Street Apartments will be located on Brainard Street in the Cass Corridor area of Detroit. The development will include 60 two-bedroom and 60 three-bedroom apartments. Half of the units will be available for households with incomes at or below 45 percent of area median income. The remaining units will be made available for tenants with incomes at or below 50 percent of area median.
Logue said the investment will create nearly 197 full-time year-long jobs in construction and related trades.
MSHDA financed the loan under its Limited Obligation Mortgage Revenue Bonds "Pass Through Program," which offers low interest loans to for profit or nonprofit developers for new construction or rehabilitation of rental developments.